M&E sector expected to recover
Kuala Lumpur: The mechanical and electrical (M&E) sector has recorded slower growth year-to-date, but is expected to recover by year-end, supported by demand from the property sector, said Glarie Elevator (M) Sdn Bhd Chairman Datuk Seri Mohd Effandie Ahmad.
He said the sector was affected by the bearish developments in the property sector but the situation was expected to improve going forward.
"(The condition) is not that good, but I am very positive that it will be much more better by year-end or early next year," he said at the UBM Asean M&E 2018 pre-show press conference here Wednesday. He noted that an M&E sub-sector, elevator and air-conditioning, had chalked up growth of between five per cent and seven per cent in 2017.
Housing and Local Government Minister Zuraida Kamaruddin had previously said that signs of house buyers returning to the property sector could lead to the lifting of the moratorium on luxury developments.
Commenting on the government's strategy to review mega projects as well as cutting expenses, Mohd Effandie said that the situation would be temporary and would not really affect the industry.
"After all, all property projects still require elevators and we also foresee a need to replace old elevators.
This would increase the demand," he said.
Meanwhile, the 7th edition of Asean M&E Show, to be held from July 17-19 at the Kuala Lumpur Convention Centre, is expected to feature 460 exhibitors and attract 15,000 attendees.
United Business Media (M) Sdn Bhd (UBM) Country General Manager Alun Jones said the total exhibition area had increased by 15 per cent and the total number of exhibitors grew by 38 per cent this year.]
"This industry created opportunities and attracted the attention of companies in the region. – Bernama